Indian Metals & Ferro Alloys Q1 PAT grows 35 pc to Rs 134 crore

PTI | New Delhi | Updated: 27-07-2022 16:20 IST | Created: 27-07-2022 16:20 IST
Indian Metals & Ferro Alloys Q1 PAT grows 35 pc to Rs 134 crore
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Indian Metals & Ferro Alloys has registered over 35 per cent jump in its consolidated profit after tax to Rs 134.18 crore during the quarter ended June 30, mainly on account of higher income.

The company had clocked Rs 99.09-crore profit after tax (PAT) during the April-June quarter of financial year 2021-22, Indian Metals & Ferro Alloys (IMFA) said in a regulatory filing.

Its total income during April-June 2022-23 rose to Rs 750.27 crore, from Rs 541.91 crore in the year-ago period, IMFA said on Tuesday.

Expenses were at Rs 571.44 crore, as compared to Rs 405.29 crore a year ago.

In a separate statement, the company said its production of ferrochrome (FeCr) rose to 63,760 tonne during April-June period this year, from 58,640 tonnes in the same period of FY22.

Ferrochrome is used in the production of stainless steel, special steel and castings.

The company sold 60,335 tonnes FeCr, higher from 59,506 tonnes in the same period of preceding fiscal.

''IMFA has posted a robust set of numbers for the first quarter, even as commodity prices have corrected on the back of continuing uncertainty due to geopolitical developments and weaker global economic growth. Going ahead, we expect margins to sustain in view of correction in input costs and currency devaluation,'' IMFA's Managing Director Subhrakant Panda said.

Odisha-based IMFA is an integrated producer of value added ferrochrome with installed capacity of 2.84 lakh tonnes per annum. It has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 204.5 MW (including 4.5 MWp solar).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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